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1231 Aspen Dr
Beaverton, MI

1231 Aspen Dr

$269,900
5 bd • 2 ba • 1,491 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$269,900

Price/Sq.Ft

$181

Year Built

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This unique property offers exceptional value with two cottages on 168' of waterfront on Wixom Lake, priced at $181.02/sqft, which is significantly below the average for waterfront properties in the area. Recent updates including new flooring, granite countertops, bathroom tiles, heating, and a 400 ft new well add substantial value (estimated $30,000+). The property spans three separate lots sold as one, providing flexibility for future development or privacy. With 5 bedrooms and 2 bathrooms across 1,491 sqft, it offers ample space for $269,900, which is competitive for lakefront property. The suspended dock, stone retaining wall, and steel wall are valuable additions for waterfront enjoyment and erosion control. Natural gas, municipal sewer, and Spectrum internet availability are significant conveniences for a rural lakefront property.

The Bad

The property has been on the market for 288 days, indicating potential issues with buyer interest or pricing strategy. The price has decreased by 6.9% since initial listing, suggesting possible overpricing. The extreme flood risk (10/10) is a significant concern, likely leading to high insurance costs and potential property damage. The property's location in Beaverton, MI (population ~1,000) may limit appreciation potential compared to more populous areas. The need for $2,500 at closing for bathroom sinks indicates incomplete renovations. The $20,000 Capital Dam Assessment, even with seller contribution, suggests ongoing infrastructure issues that may affect property value and usability of the lake.

The Ugly

The EXTREME flood risk (10/10) is a critical issue, potentially making flood insurance mandatory and extremely expensive, if available at all. This risk could severely impact the property's long-term value and usability. The Capital Dam Assessment of $20,000 indicates significant infrastructure concerns that could affect the lake's water levels and the property's waterfront status. The unknown year built raises concerns about potential hidden structural issues, especially given the waterfront location and extreme flood risk. The property's appreciation history (169% increase from 2012 to 2022, followed by a 3% decrease) suggests volatility in the local market, which could impact future resale value. The rural location, 8+ miles from the nearest schools, may limit the property's appeal to families with school-age children.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for buyers seeking a vacation home or investment property, particularly those interested in short-term rentals. It's ideal for water sports enthusiasts and those who value lakefront living. The dual cottage setup is perfect for multi-generational families or those who want to rent out one unit while using the other. Investors looking for unique properties with potential for both long-term appreciation and short-term rental income would find this attractive. The property would appeal to buyers with a household income of $80,000+ who can manage the higher risks and potential additional costs associated with the flood risk and dam assessment.

Not For

This property is not suitable for first-time homebuyers or those seeking a primary residence due to the high flood risk and potential for expensive insurance and maintenance costs. It's not ideal for families with school-age children given the distance to schools (8+ miles). Risk-averse investors or those looking for a stable, low-maintenance property should avoid this listing. Buyers without additional funds for potential flood mitigation, ongoing dam assessments, and possible major repairs should look elsewhere. Those requiring consistent, year-round rental income may find the seasonal nature of lakefront properties challenging.
Demographics
Area Median Income

$48,025

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Risk Assessment

Climate Risks

floodEXTREME

FEMA Zone: X_UNSHADED

Insurance: Required

fireMODERATE

Insurance: Recommended

airMINOR

1 bad air quality days per year

heatMINOR

7 extreme heat days per year

98th percentile: 97°F

windMINIMAL

Insurance: Optional

Risk Analysis

The extreme flood risk (10/10) is the most significant issue, potentially leading to property damage, very high insurance costs, or inability to obtain flood insurance. The $20,000 Capital Dam Assessment suggests ongoing issues with local infrastructure that could impact the lake's water levels and the property's waterfront status. Unknown year built raises concerns about potential hidden structural issues, especially critical given the waterfront location. The rural setting may face challenges with emergency services response times during flooding events. Future dam repairs or assessments could lead to additional costs for property owners. The property's appreciation history suggests local market volatility, which could impact future resale value. Climate change could exacerbate flooding risks over time, potentially leading to increased insurance costs or decreased property value.
Insurance
Annual Cost

$972

$81 per month

Financials

Monthly Costs

Price History

Property Taxes

$2,277
2024 Tax Assessment
Infinity%from previous year
Assessed Value$65,600
Tax Rate3.47%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$35,000

-87.0% below list price

Median Price

$35,000

Based on 1 recent sales

Price per Sq.Ft

$0

Comparable Properties

4070 Bay, Beaverton, MI 48612
Price: $35,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 9/11/2024

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